Apple registers record June quarter in India on the back of iPhone sales: Tim Cook

June quarter proved to be an exciting one for Apple. The Cupertino tech giant not only opened its first two Apple Stores in India, for which CEO Tim Cook flew down, but it has also set a June Quarter record in India driven by robust sales of iPhone. During the April-June quarterly call, Apple revealed that the company had recorded an all-time revenue record for iPhone in India.

Apple CEO Tim Cook said, “You know, we did hit a June quarter revenue record in India, and we grew strong double digits. We also opened our first two retail stores during the quarter, and of course, it’s early going currently, but they are currently beating our expectations in terms of how they are doing. We continue to work to work on building out the channel and putting more investment in our direct-to-consumer offers as well.”

“We ought to be doing really well there, and we are very pleased with our growth there. We still have a very, very modest and low share in this smartphone market, so I think it’s a huge opportunity for us. And we are putting in all of our energies to make that occur,” added Cook.

India is the second-largest smartphone market in the world, dominated mainly by mid-segment smartphones, and the iPhone continues to be an aspirational purchase for many. Hence, Apple’s market share is on the rise. According to the latest report by CyberMedia Research, Apple has managed to capture a 5% market share in the smartphone market in Q2 2023, recording a significant YoY increase of 62% in its shipments. Apple was the top contributor in the Premium segment (>Rs 25,000) with 25% share.

“In Q2, 2023, Apple continued to enjoy a strong uptick in iPhone shipments in India. CyberMedia Research insights point to Apple’s growth being primarily driven by the Apple iPhone 14 series and the older generation iPhone 13 series,” says Prabhu Ram, Head- of Industry Intelligence Group (IIG), Cyber Media Research.

Industry experts point out that Apple maintains a healthy growth trajectory in India. CyberMedia Research estimates that Apple’s market share in the smartphone market will be close to 7% by the end of this calendar year.

Speaking on the performance of the Apple Stores, Cook added that the performance of the new stores in India exceeded expectations. He also mentioned the initiative the company took to improve the livelihoods in India through clean energy innovation, for which Apple has joined the global non-profit Acumen.